How to select the best idea to pursue?

When I decided to work on my idea, the first thing which came to mind is finances. How am I going to use less money and bring out the best product? The first thing I did is to lay out a 12-month plan. How much can I spend on myself for the next 12 months and what is the buffer I have for building the product?

I debated on 4 ideas.

The first thing I did for the next few months is learning more about the domains. The three domains I was contemplating are HealthTech, Co-Working, and Education. I made mock business presentations, Investor presentations and of course tore many sheets of Business Model Canvas.

All ideas were working out well on the Canvas. The next 4 weeks, I focused on only one idea each week and see how I felt about the idea all through the week. I did not think of anything else during the week. Only the idea which I chose and focused all my energies in talking to people about the idea and noted their reactions. At the end of the week, I wrote down all the thoughts and the gut feeling I had for each of them.

Towards the end of the month, I sat down again and revised my notes and how my heart and body felt reading all my notes.

Somehow, each time I thought of this idea, I never had a negative thought coming back to me. For all the other ideas, I had too many Whys.

As an entrepreneur, when you begin to ideate on your idea, I would highly recommend that you spend as much time as you can thinking of the idea. No one else, except you and only you, can feel the idea running through your body. Let all the feelings – positive and negative come through. Let them pass through your body and mind. They will tell you what you need to do.

And once you decide, give its own gestation time. All you need is the belief in the idea, and be persistent about it.